• Manchester Corporation recorded the following deferred tax assets and liabilities:

  Deferred tax assets from U.S. operations $ 500,000

  Deferred tax assets from Canadian operations 800,000

  Deferred tax liabilities from Canadian operations (2,000,000)

  Net deferred tax liabilities $ (700,000)

  What will be the balances in the deferred tax asset and deferred tax liability accounts on Manchester Corporation's balance sheet?

Answer rating: 100% (QA)

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